Property Division Attorneys in Folsom
What is Considered Community & Marital Property in California?
California is unique in the fact that it is one of nine community property states in the country. "Community property" refers to any assets or debts that a married couple acquires during their union. Since it was acquired while the spouses were together, it is equally their property. Anything from wages earned to real property (family home or family vacation home) is community property if it has been acquired during marriage. The same rules apply to debt. Typically, this property receives equal distribution to each partner. However, not every couple can reach a decision on their own.
Sometimes, property and debt division can be simple; most of the time, however, it is a complicated process that requires the help of an experienced attorney. Our property division lawyers in Folsom can represent you through the process, fighting to protect your rights and interests. We can ensure that negotiations are fair and that the final resolution is favorable.
Discuss your property division case with us during a consultation. Call (916) 794-4576 to schedule yours.
How is Property Divided During a Divorce?
Determine if the Property is Community or Separate
Community property refers to the shared assets between spouses. However, if there are assets from outside of the marriage, it is known as separate property. Separate property typically is not included in the division of property during divorce, since it is solely owned by one spouse. It is usually acquired by way of gifts, inheritances and/or property acquired before the marriage and/or after the date of separation. While this may seem like a simple process, deciding if the property is community or separate can be long and difficult.
A Third Category: Mixed Property or Commingled Assets
There is also a third category known as mixed property, which is property that has both components of separate and community property. This may be a car that one spouse bought prior to marriage but then made car payments on with earnings during the marriage. Another example is if one spouse received an inheritance – which is presumptively separate property – but subsequently put their inheritance monies into a joint checking account during the marriage. If this occurs, then it becomes commingled. Sometimes, unwinding mixed property is easy, but it can also be complex and require tracing. Tracing usually occurs when assets have comingled.
Calculate the Value of the Property
After deciding if the property is community or separate, you have to assign a monetary value to each asset. Often it is difficult for the spouses to agree on the value of each item. In this case, financial professionals and advisors are great assistance in the determination process. If you and your spouse can easily communicate, you can split the money yourselves. However, the courts can also step in.
Division of Property
When dividing physical items and assets, certain items are typically delegated to each spouse. If one person wishes to buy out another person’s portion of an asset, they can also choose to do so. Technically, property division does not have to necessarily occur during separation. A couple can also choose to keep the property under both names after the divorce. Debts usually end up with one spouse or the other; however, they can also receive similar division amongst the couple.
Characterization of Property
Property characterization is important in California since it is a community property state wherein all assets and debts are equally split unless otherwise agreed.
Consult with an experienced family lawyer to:
- Ensure your separate property is not wrongly characterized and subject to equal division
- Ensure you receive your one-half community equity in any community asset
- Ensure you are not failing to apportion and/or trace property
Contention in Property Division
Most often, parties disagree on how particular property should be characterized, vaulted, dispose, or divided. Both spouses must cooperate to work out property and debt division – it is faster, wiser, and cheaper.
All property should be divided equally so that each spouse receives roughly the same value of the property. Spouses are not required to sell everything and divide the funds – though if parties cannot reach a decision, the Court may order it to be done. Making compromises is critical. If one spouse wishes to keep more liquid funds (checking accounts, stock accounts, etc.) that can be balanced by assigning community debt to that spouse as well. Remember, both spouses must be looking to come up with equal “net” share, or the value of the assigned property after subtracting out the assigned.
Another important factor to keep in mind is that once the property is divided and the debt is assigned to one spouse or the other, you must make the marital settlement agreement a part of the Court’s judgment. That way, it can be enforced just like any other money judgment.
Get started on your case by calling (916) 794-4576. We serve Folsom, Northern California, and the surrounding counties.
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Great dependency lawyer. Was able to make strong arguments with very little information. Super sharp.- Previous Client -
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I hired Tiffany to help me in a custody dispute with my ex regarding my young son. During the entirety of my previous relationship and even after separation my ex had intimidated me and dominated any decision made regarding my son. He bullied me and used his financial advantage to make me feel that I didn't stand a chance against him when he filed to take majority custody of our son. I went into the custody dispute feeling weak but as a mother, I would go to any length, at any cost to fight for my son. Tiffany and her staff gave me so much confidence and ensured me that they would be my voice and help me fight for my rights as a mother and that is exactly what she did. Tiffany was extremely thorough, knowledgeable, compassionate, and honest. She did her job and she did it well. Tiffany was very aggressive while staying very professional in front of the judge. I walked out of the courtroom feeling empowered and protected. My family cannot ever thank her and her staff enough. I would recommend her to anyone that finds themselves in a family dispute. She will give you the justice you and your family deserve.- Cheyenne -
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I was referred to Tiffany Andrews by another attorney who was dismissed from my case due to a conflict of interest, I was not confident in handling the case on my own. I contacted her office for advice on possibly representing myself. I first spoke to her staff, Sara & she already knew about my situation so she scheduled me with Andrews. I met with Andrews for a consultation and was 100% certain that I wanted her to represent me after our visit. I noticed that she was very knowledgeable and was already informed about my case from the previous attorney, So immediately I signed & started a retainer. She immediately got started, then she gave me our game plan & was very informative on anything that I had to do to make things run smoothly, I was very impressed with how fast her & her staff took action. She has brought up other suggestions that are in the best interest of my case. I feel that Tiffany Andrews & her staff (Sara) go above & beyond & are very compassionate about my case & the safety of my children. I 100% recommend Tiffany Andrews & her amazing team to anyone who is dealing with Custody or Restraining Order!- Previous Client -
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